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Thursday, Jan 20, 2005

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Hughes Soft Q3 net at Rs 28 cr

Our Bureau

New Delhi , Jan. 19

HUGHES Software Systems (HSS) today reported a 15.48 per cent year-on-year increase in net profit in the third quarter ended December 2004 at Rs 27.7 crore, compared to Rs 23.4 crore during the corresponding period last year.

The total income was up 25 per cent at Rs 123.7 crore in October-December 2004 compared to Rs 97 crore during the previous year period.

On a consolidated basis, the group's net profit increased 18 per cent during the quarter to Rs 27.7 crore on an income of Rs 125.5 crore, which was up 26 per cent. "It has been yet another quarter of predictable steady growth. We continue to strengthen and broaden our customer relationships," said Mr Arun Kumar, President and Managing Director of HSS.

For the nine-month period, the company has recorded a profit of Rs 77.8 crore compared to Rs 55.6 crore during the previous period last year. The total income of the company for the nine-month period touched Rs 350 crore compared to Rs 258.5 crore last year.

In the fourth quarter, Hughes has forecast sales growth of 4.5-5 per cent on a quarter-on-quarter basis and profit after tax margin of 21.5 per cent to 22 per cent.

Hughes added nine new clients - six in products and three in services space during the quarter. The BPO business of the company also got its second client.

It hired 233 employees (gross) to take the total to 2,972. The company had revised its guidance for 2004-05 after the results of the previous quarter.

"We are on track to achieve 30-33 per cent year-on-year increase in revenues and 34-37 per cent increase in net profit," Mr Kumar said.

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